New Delhi and Washington have agreed to count the benefits of a global agreement on taxation from the next financial year. However, the benefits would actually accrue once the global pact comes into effect or March 31, 2024, whichever is earlier, in the form of credit.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
A normal assessment notice is served under Section 148.
Akshay Kumar looks cool in that trippy get-up and adds his charisma to the film that is otherwise a lot of verbiage, observes Deepa Gahlot.
.jpg)
The 'in substance' agreement with India under Foreign Account Tax Compliance Act was concluded on April 11, the US Treasury said.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
The bill to nullify retrospective taxation offers a fair solution within the framework of Indian law and Parliamentary sovereignty to companies which have been subjected to such demands, Finance Secretary T V Somanathan said on Thursday. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)."
The single bench of Justice G Narender said the police can examine Maheshwari through virtual mode.
Breather for FIIs: MAT assessments, fresh notices put on hold.
A taxpayer filing ITR electronically without digital signature has to verify it using either Aadhaar OTP, or logging into e-filing account through net banking, or by Electronic Verification Code or by sending a duly signed physical copy of ITR-V through post to CPC Bengaluru within 120 days of uploading the ITR.
The Uttar Pradesh Police has filed the FIR against Twitter Inc, Twitter Communications India, news portal The Wire, scribes Mohammed Zubair and Rana Ayyub, and senior journalist and author Saba Naqvi, besides Congress leaders Salman Nizami, Masqoor Usmani and Sama Mohammad for sharing the video clip on the social media.
In simple terms, it refers to a deduction allowed in income tax, irrespective of expenses incurred or investment made by assessees.
The report, floated recently, comes a few days after the government cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms.
After the IT giant declared a bonus, investors selling shares may have to shell out 4-5 times more tax
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
The department gets data of high-value transactions under the Annual Information Return.
Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies.
The Ghaziabad police on Monday warned the Twitter India managing director that his failure to report to it and join its investigation on June 24 in the case of the circulation of a communally sensitive video on its platform would amount to a hindrance in its probe, entailing legal consequences.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
The proposed move to withdraw the DDT would help encourage investments by addressing multiple taxation of income and bringing down the effective tax rate on companies, which is among the highest in the world.
The central government's clarification on the 2 per cent equalisation levy on foreign digital operators in the Budget, which considerably expands the scope of the levy, might be challenged in court, with several companies contemplating filing a writ petition in the coming few weeks. The writs might be filed on the grounds of the levy's alleged extra-territorial overreach, as it aims to cover those entities that do not have a physical presence in India, going against international taxation rules.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
You can electronically verify returns and regularise these by August 31.
Revenue foregone on account of corporation tax exemptions is estimated to grow by 16 per cent in 2018-19 (FY19) versus 8.7 per cent in the previous year and 12 per cent in 2016-17, show the Budget documents.
The US has been widely criticised for using pressure tactics to secure information from other countries, without reciprocity.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
The tax computation compares the original cost, along with the stock value on January 31, and grants benefit of the higher of the two.
Amendments will be tabled in Parliament for approval by Monday or Tuesday.
The RAF was deployed during the communal violence that broke out in northeast Delhi in February, killing 53 people and injuring about 200.
CBDT circular issued last month had raised multiple taxation concerns.
While the Bharatiya Janata Party already has a good presence on social media platforms, the Samajwadi Party and others are putting in efforts to strengthen their digital army and chalking out strategies to boost their support base.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
The Supreme Court on Tuesday said it would consider a joint request for mediation of low-cost airline SpiceJet and media baron Kalanithi Maran and his Kal Airways for amicably settling all pending disputes between them including the row over the share-transfer issue. A bench comprising Chief Justice N V Ramana and Justices J K Maheshwari and Hima Kohli was apprised by senior advocate Mukul Rohatgi, appearing for SpiceJet, that there were three pending issues between the low-cost airline and Maran and out of these, one has been settled on July 29. Initially, Rohatgi sought four to six week time for settling all the issues between the parties.
'A bold, progressive step forward,' Kotak Mahindra Bank CEO Uday Kotak said of Nirmala Sitharaman's corporate tax breaks.
A bench headed by Justice A M Khanwilkar upheld the Special Metropolitan Magistrate's order rejecting Jafri's protest petition against the closure report filed by the SIT.
Bear in mind that the amount you get paid depends on the stage at which cancer is detected, reveals Sanjay Kumar Singh.
The proposed ban on cash transactions above Rs 3 lakh may hit luxury goods, jewellery sales and real estate.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances